Most under rated champion of all time?

that's easy. Me as Ping Pong champion of my P.E. class. nobody took me seriously off the courts, but once they challenged me...they learned to respect me.

and Austin Aries in ROH...but the first one i mentioned is a travesty.

I hated Jericho's reign. I simply didn't buy him as champ, at that point. He seemed to have all the tools, but being placed on the backburner for the Invasion feud just as he was really starting to take off in early 2001 really killed his credibility. The only thing i liked about his run was the feud with the Rock, which should've been the title match for WMX8, where Rock would've passed the torch.

Anyway:

Benoit 2004 - Despite having most of his title matches booked below the main event, i thought this reign was still ejoyable for the most part. It really sucked that they didn't go all out with a Kane/Chris Benoit program, as it had tremendous potential. At that point, Kane was still a legitimate threat to the title. The only thing unbearable about Benoit's reign was all the Eugene crap in the middle and the fact that it was cut short. To give Randy Orton a premature title run, no less.

Eddie Guerrero - It's sad that he could have had a second reign but he should have along with Benoit and Jericho have had much more longer, respected reigns.

Ron Simmons - I have to be onest that one reign might have been small but he was good back in the day. It's a shame we couldn't have seen more of the Champ.

Y2J title reign as he didn't beat any of them cleanly.

A heel should be able to defend the title once withut cheating IMHO or the reign becomes boring

I don't think either Jericho or Benoit's runs are under-rated.  They both weren't very good.  Both runs had all the potential in the world, but were handicapped from within.  Jericho became the definitive transitional champion, as it was obvious that he was just keeping those belts warm for Triple H.  Matters weren't helped when he took a backseat to Stephanie.  Benoit never got an opportunity to main event a PPV without Triple H until he lost the belt to Orton (who lost it to H) and was never allowed to be the focus of the show, you know, like a champion should.  If Edge loses to Cena at Summerslam, you can throw him into this category as well.

For my most underrated champions, I'm going to throw out a couple of Intercontinental Champions.  First, Mr. Perfect.  He's a guy I rarely hear about thrown out when people talk about the best IC Champions, as focus tends to be on Bret Hart and Shawn Michaels, but Perfect's runs with the title were really good and kept the IC Title almost, if not as or more, important than the WWF Title.  He was a perfect heel champion.  The other is Rob Van Dam as IC Champion.  Not on the whole, though, as I don't think RVD was that great of an IC Champ on the whole.  However, I loved his runs with the gold in the summer of 2002 which he won from Eddie in a brutal ladder match and that saw him unify the European and Hardcore Titles, defeat Brock Lesnar twice (neither by pinfall, but not alot of people have 2 wins over Lesnar) and just wrestle very good matches before losing the title to Benoit in an awesome match and win it back at Summerslam in another great match.

As of right now, Hmmm...Gregory Helms

All time, Jerky or Maybe Kane

Benoit

Kendricks as tag team champions

As of right now, Hmmm...Gregory Helmsjamie_w_91